Wealthcare is now offering clients FICA® For Advisors (“FICA”)
We now have a high-yield cash account solution to attract held-away cash and provide additional value to our WCAP clients. FICA is administered by StoneCastle Cash Management, LLC, a firm that has been providing insured cash solutions to Fortune 500 companies, family offices, and other institutions for more than a decade. This institutional expertise is now made available to you and your clients.
FICA Features
- Competitive APY
- FDIC insured up to $25 million per tax ID
- Liquid
- $100,000 deposit minimum, no fees, no transaction limitations
- Simple online application
FICA Product Overview and Webinar 06-2021
Advisor Benefits
The Held-Away Cash Opportunity: As a wealth manager, you are always focused on providing the most comprehensive solutions to your clients, which includes discussing their cash. And when you have the best “pound for pound” cash solution relative to yield, safety, and liquidity at your fingertips, seizing on the cash opportunity can be easily incorporated into client discussions. The average bank savings account in the nation is at .09%* and there is more than $5 trillion in U.S. banks that is either uninsured or earning nothing. It is a powerful conversation starter to ask all clients about their cash and being able to potentially show them a way to increase yield while decreasing their risk.
FICA for Advisors recently updated your advisor.cash portal with a new feature that gives advisors the flexibility to pre-fill FICA applications prior to sending to clients. This #1 requested enhancement will help make the application process more efficient for advisors and clients. Directions for sending a pre-filled application are to the right.
Wealthcare FICA for Advisor
Benefit to Clients
FDIC Insurance: Up to $25 million in FDIC insurance per tax ID (can go up to $100 million); other cash accounts simply cannot compete with these insurance limits
Sample Use Cases
- “Self-fund” life insurance policies with the same dollars that were in the bank
- Several clients have consolidated multiple banking account relationships into one account
- Client sold a business and was able to fully insure $23 million instead of taking credit risk at a money center bank
- Gained a client referral to a homeowner’s association (HOA) that typically keeps high cash balances that need to be insured
- Supplement rental property mortgage payments
FICA Client Portal User Guide
Client Email Scripting
Dear ,
I am pleased to share with you that I now offer the Federally Insured Cash Account (“FICA®”), an FDIC insured high-yield cash account designed to help maximize the safety, liquidity, and yield on your cash balances held outside of Wealthcare.
Cash has become an increasingly important part of comprehensive wealth management conversations, so naturally I wanted to introduce you to FICA®. I enjoy finding ways to help my clients potentially increase their returns on total assets while lowering their risk. The unique combination of a competitive yield and the highest FDIC insurance limits in the market has caught the attention of many of my clients that are either earning too little at the bank or have cash balances that are uninsured, or both.
I’ll be calling you in the coming days to discuss the immediate value that FICA® offers. At the very least I’d like to talk about any cash you may have that is uninsured so we can remedy that as quickly as possible.
If you would like to discuss sooner, please contact me directly at .
Sincerely,